The change in the average U.S. tariff rate in 2025 was the largest in the modern era. One way to assess the effects of such a ...

Recessions are periods where the labor market deteriorates rapidly. Supporting business conditions to prevent such ...

Highlights from 2025 around the Twelfth District. Discover how the SF Fed engages, listens to communities, and learns from ...

As we approach the end of the year, here’s a top five list of our most widely read FRBSF Economic Letter topics in 2025, ...

Recent shifts in immigration flows have lowered the estimates of net international migration into the United States. New data indicate that net migration will be close to half a million people in 2025 ...

The U.S. economy has remained remarkably resilient this year, navigating uncertainty, changes in government policy, including tariffs, immigration, deregulation, and taxes, an AI-driven technology ...

Financial markets repriced assets across a wide range of sectors following the U.S. trade policy announcement on April 2, 2025. Analysis suggests that market participants interpreted tariffs to have ...

Recent surges in trade policy uncertainty highlight the fragility of global supply chains, prompting businesses to consider reshoring—moving production from abroad to domestic locations. Reshoring can ...

Trade policy in the United States has been in flux in recent months. A theoretical analysis of recent increases in U.S. tariffs, including potential retaliatory tariffs by other countries, suggests a ...

Good morning and welcome to San Francisco. It’s a complete pleasure to be here today and an honor to be speaking at the WEAI 100th annual conference. That’s quite a milestone, and a testament to the ...

Note: This data page will no longer be updated. The latest estimates of pandemic-era excess savings are as of September 2024. Past data will continue to be available on this site. Pandemic-Era Excess ...

After a prolonged decline, U.S. inflation-adjusted interest rates have increased somewhat since the pandemic—possibly implying a higher new normal. As central banks attempt to tame the post-pandemic ...